According to a research report published by Spherical Insights & Consulting, the Global Industrial Vehicle Market Size Expected to Grow from USD 38.92 Billion in 2023 to USD 59.73 Billion by 2033, at a CAGR of 4.38% during the forecast period 2023-2033.

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Industrial vehicles are used to move raw materials, completed items, and production materials across the industrial sector. These industrial vehicles come to deliver a wide range of commodities and materials. These vehicles are equipped with a range of attachments, such as platforms and grippers, which allow for product handling. They are also built to handle any heavy-duty chores that require a lot of strength. Such advancements are projected to drive market expansion during the forecast period. Industrial vehicles require a great deal of creativity, research, and development. The increased worldwide rivalry needs the integration of smart production systems with flexible logistical solutions. This generates the need for improved autonomous indoor transit vehicles. As a result, several automotive manufacturers have adopted autonomous vehicles because of their high efficiency, productivity, adaptability, and other benefits.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Industrial Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), By Drive Type (Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, Others), By Application (Industrial, Cargo, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

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The forklift segment is expected to hold the largest share of the global industrial vehicles market during the forecast period.

Based on the type, the global industrial vehicles market is categorized into forklifts, aisle trucks, tow tractors, and container handlers. Among these, the forklift segment is expected to hold the largest share of the global industrial vehicles market during the forecast period. The constantly expanding e-commerce industry mandates the construction of multiple warehouses, as well as the need to properly manage the warehouse supply chain. The forklift industry is anticipated to grow as a result of the growing need for electric forklifts among chemical and recycling plant operators.

The battery-operated segment is expected to grow the fastest during the projected period.

Based on the drive type, the global industrial vehicles market is categorized into internal combustion engine (Ice), battery-operated, gas-powered, and others. Among these, the battery-operated segment is expected to grow the fastest during the projected period. The need for electric cars has grown as a result of worries about the negative consequences of climate change and rising carbon emissions in large cities. Lithium-ion batteries are ideal for storage facilities because of their benefits, such as battery acid control.

The industrial segment is expected to hold a significant share of the global industrial vehicles market during the predicted timeframe.

Based on the application, the global industrial vehicles market is categorized into industrial, cargo, and others. Among these, the industrial segment is expected to hold a significant share of the global industrial vehicles market during the predicted timeframe. Transportation is becoming increasingly important in businesses such as autos, chemicals, food and beverages, and healthcare. These vehicles are employed to move goods from the manufacturing line to storage with the advantages of these vehicles, include reduced downtime, cost savings, and fewer ground accidents.

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Asia Pacific is anticipated to hold the largest share of the global industrial vehicles market over the predicted timeframe.

Asia Pacific is projected to hold the largest share of the global industrial vehicles market over the forecast period. China and India, two of the world’s fastest-growing economies, in this region the primary producers of industrial vehicles like forklifts, aisle trucks, tow tractors, and so on. China’s main industries, including manufacturing, aerospace, and automobiles, are probably going to help with the creation of industrial vehicles. Automation is well known in Japan whereas Daifuku City played a significant role in warehouse automation.

Europe is expected to grow at the fastest growth of the global industrial vehicles market during the forecast period. Industrial electric vehicles, such as AGV and AMR, are in increasing use due to the need for automated and efficient manufacturing, storage, and logistics activities because of the new addition of innovative ideas that are helping to grow the market. It helps to reduce energy use, and carbon emissions, automated systems can assist businesses in reaching their sustainability objectives.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global industrial vehicles market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global industrial vehicle are Cargotec Corporation, CLARK, Crown Equipment Corporation, Doosan Industrial Vehicle, Anhui Heli Co., Ltd., KION GROUP AG, Komatsu Ltd., Konecranes, Linde Material Handling, Manitou.com, MITSUBISHI LOGISNEXT CO., LTD, Motrec International Inc., Raymond Corporation, Sany Group, TOYOTA INDUSTRIES CORPORATION, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd., and Jungheinrich AG, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent development:

• In May 2022, Tata Motors introduced e-transport freight solutions with the Ace EV, a new electric commercial vehicle with a commitment to attaining zero carbon footprint emissions.

• In June 2022, Mitsubishi Logisnext unveiled a new Uni-Carriers forklift 80-Volt E-pneumatics truck. The forklifts are outfitted with long-lasting batteries that give optimal performance while reducing the need for frequent battery replacement.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global industrial vehicle market based on the below-mentioned segments

Global Industrial Vehicles Market, By Type

• Forklifts
• Aisle Trucks
• Tow Tractors
• Container Handlers

Global Industrial Vehicles Market, By Drive Type

• Internal Combustion Engine (ICE)
• Battery-Operated
• Gas-Powered
• Others

Global Industrial Vehicles Market, By Application

• Industrial
• Cargo
• Others

Global Industrial Vehicles Market, By Regional

• North America

• • US
  • Canada
  • Mexico

• Europe

• • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America

• • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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